- HDFC extends dual-rate at higher price Under the scheme, all new home loan customers who apply on or before 30 September and take at least part disbursement before 31 October will be offered loans at a fixed rate of 8.50% up to 31 March 2011, and 9.50% next year
- SBI plans to issue Rs1,000 cr retail bonds The bank’s board approved the issuance of Rs500 crore of bonds with an option to retain 100% over subscription
- Bangalore’s race course gets breather from SC, K’taka govt undecided Hearing in the land tussle between the Karnataka government and the Bangalore Turf Club Ltd will take place after a month
- Aditya Birla Finance gets capital infusion The fresh capital infusion will thus help ABFL to meet its solvency requirements and expanding operations by expanding our portfolio with new product launches
- Kicking polio India’s has waged a relentless war for the past few years against a disease that has no cure. For the first time in the history of the campaign, the two remaining states where the disease is endemic--Bihar and Uttar Pradesh--were simultaneously free from the most virulent Type 1 poliovirus for more than eight consecutive months until last week
- Frontline fighters in the mosquito wars American Biophysics Corp. makes mosquito magnets that work by emitting a steady stream of carbon dioxide, heat, moisture and octenol
- Quick Edit | Size does matter Shenzhen’s 30 years, which it celebrated on Monday, are a testament to the idea of clusters
- BCCI, four banks under ED scanner Vijaya Bank, HDFC Bank, Yes Bank and Axis Bank being probed over remittances made to Cricket South Africa
- Revenue of $3 bn by 2013 is a directional target The size of the opportunity remains the same, and at the end of it, the product does get launched
- The Mint Report for 07 September 2010 An extended monsoon season hammers Maharashtra’s sugar cane crops; Maruti aims to up its production capacity by more than 40%; SpiceJet to begin international flights next month
- Unitech hires Jayesh Desai for infra unit The real estate major Unitech Group is looking to power its push into infrastructure by hiring Jayesh Desai, an industry insider said
- Your financial life is OK when... Your job is to keep the fantastic stories of multiplier returns and land deals of your peer group from pushing you to make rash moves
- There’s enough capital for Indian firms The challenge PE funds face in India is that most firms they want to invest in want to be listed, as the associated costs are relatively low
- SAE to boost KEC’s global presence As a 100% subsidiary of KEC post-acquisition, SAE will enhance both revenues and earnings immediately as the management hopes to complete the deal in a month
- A time to give We’re used to consuming free software and services and have taken many of these for granted. Now is the time to take responsibility and help sustain some of these services
- Skype-ing in troubled times In an encrypted network, the data is converted into a code to prevent unauthorized access
- Upgraded for power A Mac notebook for pros which can finally flaunt the Intel i-series processors, and an MP4 player from Philips that will bowl you over
- Obama in the grey Barack Obama, in the last three years, faced the presidential campaign, two wars, a healthcare Bill, recession and unemployment, Wall Street reform, a recalcitrant opposition, and waning popularity
- A state without capacity India cannot provide quality education or subsidized food without efficiency at the lower level of the bureaucracy
- Download Central | Fusion 1.2.5 To use this application, you will need photographs that have different exposures
- A state without capacity India cannot provide quality education or subsidized food without efficiency at the lower level of the bureaucracy
- Running family business firms Obscuring the line between ownership and management in family businesses has led to curious appointments. But the selection process often decides the outcome
- Rupee drops on broad dollar rally, outflows weigh The partially convertible rupee closed at 46.84/85 per dollar, 0.7% below its close of 46.53/54 on Monday
- Etisalat doesn’t see a deal with Reliance this year It does not exclude Idea Cellular among many options in India; Etisalat still very interested in Morocco
- Markets test new 31-month high; cement up Overseas funds have poured $13.1 billion into Indian stocks this year, adding to net inflows of a record $17.5 billion in 2009, and traders said the buying was underpinning the market
- Gillard’s Labour party wins enough support to rule Australia’s first female prime minister promised her government will be stable over the next three years, although the defection of a single lawmaker would bring down her administration
- Maruti Suzuki unveils new India plant to meet demand Maruti, which has a strong following among India’s growing middle class, is already producing at full capacity and has long waiting lists for some popular models
- Asia stocks near 1-month high; euro dips The MSCI Asian stock index outside Japan marked time after gaining 5 percent so far this month, while Japan’s Nikkei average rebounded after briefly losing 0.8% due to profit-taking
- Oil extends drop as dollar gains, eyes storms The New York Mercantile Exchange, home to West Texas Intermediate (WTI) crude futures, will issue just one settlement for those three days
- KEC Intl buys US-based SAE Towers for $95 mn The acquistion, expected to close this month, would be on a cash-free, debt-free basis and would add to KEC International’s earnings from 2010/11
- PVR eyes Rs100-cr from bowling alley arm by FY’12 PVR Blu O is a joint venture between Thailand-based Major Cineplex and PVR and is already a profitable venture for the multiplex chain clocking a revenue of around Rs15 crore in FY 10
- Obama kicks off campaign with $50 bn jobs plan Infrastructure overhaul would create jobs from 2011; Obama eyes oil, gas firm tax breaks to pay for it; analysts say plan would not help economy immediately
- Army chief in Lanka on three-day tour The army chief’s visit comes amid concerns over increasing Chinese presence in India’s periphery including Sri Lanka and Myanmar
- Pvt sector debt piled up due to inadequate norms: BIS Banks should recognize their losses at an early stage as well as rebuild their capital to help bring down the overall private sector debt, Bank for International Settlements said
- Afghan foreign troops death toll hits 500 for 2010 The Nato-led International Security Assistance Force said an ISAF service member was killed in an insurgent attack in the east on Sunday
- Moderate global recovery underway: IMF IMF first managing director John Lipsky said there are risks and challenges, but the global economic recovery seems to be moving more or less in line with IMF’s forecast
- Gales, aftershocks shake quake hit New Zealand city Insurance fund has enough assets to cover claims; public facilities suffer some superficial damage; storm and aftershocks hamper clean-up
- Major fire in Hindu temple in UK, devotees safe The Hare Krishna temple in the east Midlands town of Leicester was partly gutted when suspected gas bottles used for cooking in the temple exploded
- BP oil spill costs hit $8 bn as ends rig probe However, a successful effort to install a temporary cap on the well delayed work on the relief well, which BP said on Friday was now likely to be completed in Mid September
- Villagers flee as Indonesia volcano erupts again Friday’s eruption, the third this week, was three times stronger than the initial one recorded last Sunday. A second eruption followed on Monday
- Bernanke cites ‘sadness’ in letting Lehman fail US Federal Reserve chairman Ben Bernanke said a freshly minted financial reform law would help reduce the risk of future problems, provided regulators follow through on its implementation
- Euro zone Q2 GDP jumps on households, investment Eurostat confirmed on Thursday that gross domestic product in the 16-nation currency area grew 1.0% quarter-on-quarter in the April-June period
- Brics - victims of success with global investors Bric stocks lag EM; losses similar to developed mkts; Bric stocks creeping into global portfolios; Brics more leveraged to world growth
- Japan’s scary way to chill in summer Ghost houses are set up especially for the summer in amusements parks in Japan with the tradition linked to Japanese Buddhism
- God did not create the universe, says Hawking In The Grand Design, co-authored with US physicist Leonard Mlodinow, Hawking says a new series of theories made a creator of the universe redundant, according to the extracts published in Times
- China, Russia agree to expand nuclear power cooperation China and Russia have agreed to expand nuclear power cooperation in seven areas, including building floating nuclear power plants
- Asian factory growth outstrips two-speed Europe Manufacturing growth in Germany slowed in August although other recent data show Europe’s biggest economy is expanding fast
- Obama administration appeals stem cell injunction The justice department also appealed against the injunction by judge Royce Lamberth in which he ruled National Institutes of Health funding of human embryonic stem cell research violated a law called the Dickey-Wicker Amendment
- US military in final phase of Iraq mission: Gates Around 50,000 US soldiers will remain in Iraq up to a withdrawal by the end of 2011 agreed in a bilateral security pact between the US and Iraq
- Obama declares end of US combat in Iraq; says no victory Obama said the Iraq war had stripped America of money needed for its own prosperity, and he called for an economic commitment at home to rival the grit and purpose of a military campaign
- ‘Iraq wins independence as US ends combat role’ US troop levels were cut to 50,000 before the partly symbolic deadline of 31 August pledged by US President Barack Obama. The remaining US troops will turn their focus to training Iraqi police and troops
- JAL unveils recovery plan, to cut 16,000 posts Since filing for bankruptcy protection in January, JAL was delisted from Tokyo’s stock exchange in February and is now going through a court-led restructuring with the help of a government-backed turnaround fund
- Britain’s Q2 economy grows at fastest pace in 9 years GDP increased by 1.2% in the second quarter of 2010, revised up from 1.1%, the Office for National Statistics said
- Scientists crack through wheat’s genetic code Complex genetic code is five times size of human genome; sequence data can help breeders select good genetic traits; better crops needed to combat feared world food shortage
- Dubai World prized assets on sale to cut debt It aims to raise up to $19.4 billion to pay off debts; also, it will appoint new managing director, CFO; Bankers get $150,000-$800,000 “consent fee” for agreement; expects to close restructuring by 1 October
- Jet misses runway, crashes in China; 42 killed The Henan Airlines plane with 91 passengers and five crew crashed late Tuesday in a grassy area near the Lindu airport on the outskirts of Yichun
- Cairn Energy discovers gas in offshore Greenland Cairn revealed the discovery alongside news of a return to profit in the first half of 2010, and uncertainty over its recent deal to sell a majority stake in its Indian unit Cairn India, to mining group Vedanta
- Plane crash in Nepal kills all 14 on board The Agni Air plane was returning to Kathmandu after it was unable to land at Lukla, its intended destination in a popular trekking spot in eastern Nepal
- Mexican woman wins Miss Universe contest The first runner-up was Miss Jamaica, Yendi Phillipps, while Miss Australia, Jesinta Campbell, was second runner-up
- US court rules against Obama’s stem cell policy US district judge Royce Lamberth granted the injunction to stop federal funding of human embryonic stem cell research
- 9 killed on hijacked tourist bus in Manila When they finally got inside, authorities said, they found eight bodies: seven Hong Kong tourists and the ex-policeman who had seized the bus to demand his job back
- Australia poll delivers historic firsts despite deadlock Neither the ruling Labor party or conservative opposition managed to secure enough seats to claim office in the closest race in decades, with the balance of power to fall to a handful of independent and minority MPs
- Iran’s Ahmadinejad unveils new ’bomber’ drone “This jet, before it heralds death for enemies, is the messenger of salvation and dignity for humanity,” Ahmadinejad said
- India pledges full support to flood-hit Pak India extends its wholehearted support to the government of Pakistan in its effort for relief and rehabilitation of their adversely affected population, said Hardeep Singh Puri, India’s envoy to the UN
- Pakistan accepts Indian aid offer Over 1,700 people have died and the UN says more than 650,000 people are without basic shelter while six million desperately need emergency aid
- Burney urges Pakistan govt to accept India’s flood aid Human Rights activist Ansar Burney has urged the Pakistan government to accept the donation offered by India for the flood relief work ‘in the greater interest of peace and love’
- Last US combat brigade exits Iraq The pullout came two days after a suicide bomber killed 59 people at a Baghdad army recruitment centre in Iraq’s deadliest attack this year
- Over 4 million homeless in flood-hit Pakistan: UN Aid agencies have been pushing for more funding as they try to tackle major problems such as food supplies, lack of shelter outbreaks of diseases
- Asian consumer spending seen at $32 trillion by 2030: ADB Rising middle class in Asia is pushing up consumer spending in the region; China, India expected to lead
- New details on HP upheaval as CEO looks ahead Former Hewlett Packard CEO Mark Hurd approached by public companies, private equity firms: source; former HP boss didn’t want board to disclose sexual harassment claims; Hurd angry at recent HP media leaks, says source
- Visa row: US officials start talks with various parties The hike in the visa fees to fund new measures would result in Indian IT companies having to shell out up to $250 million annually on visa costs
- US Congressman comes out against visa fee hike bill The Emergency Border Security Supplemental Appropriations Act was on Tuesday by a voice vote in the House of Representatives
- Flash floods inundate central Europe, nine dead Heavy downpours on Saturday caused rivers to overflow their banks and a dam to burst, submerging towns in the southwest corner of Poland
- Worst smog yet hits Moscow; people don face masks Visibility in the Russian capital dropped to a few dozen yards; 31 forest fires and 15 peat-bog fires were burning in the Moscow region alone; more than 500 separate blazes were burning in Russia on Friday
- Pentagon demand WikiLeaks return all classified documents WikiLeaks said it had written to Pentagon asking it to redact names of Commanders and informants from the papers still not made public
- US jobless claims rise, cast a pall on economy New US claims for unemployment benefits unexpectedly rose last week underscoring a weak labor market and the fragile economic recovery
- Obama says ‘long battle’ in Gulf close to end After months of setbacks in efforts to permanently plug the deepsea well, BP said heavy drilling mud injected into it on Tuesday was stemming the flow of crude
- Iran’s Ahmadinejad unhurt after blast near motorcade Ahmadinejad’s convoy targeted in city of Hamadan; President unhurt, one person arrested-presidency source; no immediate claim of responsibility for attack;
- BP begins ‘static kill’ operation on blown-out well The operation, aimed at subduing the still unstable deepwater gusher that was provisionally capped in mid-July, is part of a two-pronged strategy that seeks to finally seal the Macondo well
- HSBC sees at least $110 mn impact from US law The sweeping law establishes a consumer protection agency, which could eventually deepen the cuts to HSBC’s US revenues, said North American CEO Niall Booker
- Imports slow US Q2 growth, business spending surges Gross domestic product expanded at a 2.4% annual rate, the US commerce department said
- US economic growth seen slower in Q2 on imports Gross domestic product expanded at a 2.5% annual rate compared to a 2.7% pace in the first quarter, according to a Reuters survey
- WikiLeaks may have blood on its hands, US says Defense Secretary Robert Gates declined to comment on the probe but said he could not rule out more leaks of classified information
- British FM Osborne urges India to open up financial services British finance minister George Osborne announced that India’s Exim Bank will be granted a licence to operate in Britain and the State Bank of India would base its European headquarters in London
- Maradona dropped as Argentina coach Maradona’s future had been in doubt since Argentina’s 4-0 thrashing by Germany in the World Cup quarter-finals in South Africa this month
- BP’s Hayward quits as spill cost put at $32 bn BP said Dudley, currently head of BP’s US operations, would be based in London and hand over his present duties to Lamar McKay
- BP’s Hayward to step aside; Gulf work resumes Hayward would be replaced by Bob Dudley, an American executive who is now managing the oil spill response operation, according to sources close to the British oil giant
- 18 killed in stampede at German Love Parade The festival, which police said drew about 1.4 million people, was not immediately cancelled because authorities feared an abrupt halt could spark a second panic
- Focus shifts to EU banks to scrape test pass Seven banks failed the unprecedented test of Europe’s banking system and need to plug a much smaller-than-expected combined capital shortfall of 3.5 billion euros
- Aircraft ‘black box’ inventor dies David Warren, ‘black box’ inventor, came up with the idea after probing the crash of the world’s first commercial jet, the Comet, in 1953
- BP stops flow of oil into Gulf of Mexico That’s a key issue as the British energy giant moves to plug the leak permanently with a relief well intended to intersect the ruptured well
- WTO’s Lamy says Doha preparing for final deal The Doha talks aim to break down barriers to global commerce but are deadlocked, largely over differences between the US and the big emerging economies of China, India and Brazil
- EU executive clears BA, American, Iberia deal The European Commission, the EU competition watchdog, also cleared a British Airways’ merger with Spain’s Iberia
- White House says stimulus saved 3 million US jobs The economy has been creating private-sector jobs in recent months, but at a slow pace
- Greece sweetens deal in first debt issue since bailout Greece on April 13 offered a rate of 4.55% for equivalent six-month bills, up sharply from 1.38% in January as the financial markets turned against the debt-stricken country
- Russia, US swap 14 spies in Cold War-style exchange Russian agents leave New York; Kremlin chief Medvedev pardons 4 jailed spies; swap eases threat to US-Russia reset from spy scandal; plane said to be carrying agents lands in Vienna
- Militants strike at three places in Kashmir, curfew continues The authorities were working on plans to give phased-relaxation in curfew to allow people to offer prayers
- India committed to WTO talks, logjam must end: minister WTO director-general Pascal Lamy said last month he was monitoring the progress of regional deals to make sure there was political momentum left for Doha
- Global economic recovery strongest in emerging economies: US Although unemployment rates remain elevated and unacceptably high, job growth has returned
- IMF raises world growth forecast but risks rising The IMF raised its 2010 world growth forecast to 4.6% from 4.1% in April and boosted estimates for the United States and China
- Bigger role seen for emerging financial centers New financial centers seen in fastest growing economies; Sao Paulo, Mumbai, Shanghai among newcomers; new centers may soon dominate niche markets
- Komorowski wins cliffhanger Polish election Komorowski, ally of PM Tusk, set to win cliffhanger poll; financial markets now expect government to push fiscal reforms; Tusk wary ahead of 2011 parliamentary election
- Austerity budget to cost 1.3 million jobs in UK The emergency budget revealed a number of spending cuts and increased tax rates, including a rise in the VAT rate to 20% and a levy on bank profits
- German unemployment falls, seen hitting floor soon Unemployment fell by a seasonally adjusted 21,000 to 3.23 million, Federal Labour Office data showed on Wednesday, recording a 12th consecutive monthly fall
- Swatch Group founder Nicolas Hayek dies at 82 Hayek was widely credited with saving the Swiss watchmaking industry by reorganising the ailing Asuag and SSIH watch companies, merging them into Swatch Group
- BP oil spill costs hit $100 mn/day BP said it remained on track to complete its relief well, which aims to kill the leaking well at the point it meets the reservoir, in the 3-month timeframe initially envisaged
- Early stimulus exit may hit global recovery: PM Manmohan Singh said the manner of Europe’s handling of its debt problems would be ‘a major determinant of which way the world economy evolves’
- European Union talks on hedge fund rules collapse The breakdown happened shortly before EU leaders including German Chancellor Angela Merkel and French President Nicolas Sarkozy travel to Toronto for a meeting of the Group of 20 major economies
- ECB steps up pressure for tougher budget rules ECB president Jean-Claude Trichet said governments must bolster the confidence of consumers and investors by sticking to tough fiscal goals to ensure the euro zone recovery remains on track
- Protectionism mounting despite G20 pledge: report Protectionist measures continue to mount; EU is one of most active protectionists, says GTA; G-20 should target jumbo measures covering $1.6 trillion in trade
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